Stock futures inched lower in the early hours of Wednesday, tracking higher Treasury yields, as investors braced for strong US job data that could add to pressure on the Fed to keep interest rates high.
Here are some of Tuesday’s biggest stock movers in premarket trading:
Biggest stock gainers
Brooge Energy (NASDAQ:BROG) shares soared more than 20% after the company received a purchase bid from Dubai-listed Gulf Navigation Holdings, the terms and conditions of which were not revealed. Gulfnav is still in the early stages of assessing the proposal and undertaking more due diligence. If agreed, the deal is likely to conclude in the fourth quarter of 2023.
Biggest stock losers
Shares of Cal-Maine Foods (NASDAQ:CALM) slumped roughly 12% following disappointing Q1 results. The company’s revenue fell 30% Y/Y as a decrease in the net average selling price for conventional eggs was only partially offset by the increase in the net average selling price for specialty eggs. CEO Sherman Miller said, “While we face ongoing challenges related to the threat of HPAI and inflationary headwinds, we will continue to manage the aspects of our business we can control. We are uniquely positioned to support the nation’s food supply with nutritious and affordable protein, and we believe demand for our products will continue to grow. We are confident we have the right strategy in place to meet this demand, with a proven operating model that will drive long-term growth.”
A10 Networks (NYSE:ATEN) shares fell over 11% after the cloud security software company said it expects Q3 revenue between $56.5M and $58.5M, below the consensus of $74.71M. CEO Dhrupad Trivedi stated, “In our third quarter, we experienced delays related to North American service provider customers pushing out capital expenditures. Deals we expected to close at the end of the quarter were delayed into future periods.”
